Spending Time: The Most Valuable Resource

by Daniel S. Hamermesh

Time is the ultimate scarce resource and thus quintessentially a topic for economics, which studies scarcity. Starting with the observation that time is increasingly valuable given competing demands as we have more things we can buy and do, Spending Time provides engaging insights into how people use their time and what determines their decisions about spending their time.

That our time is limited by the number of hours in a day, days in a year, and years in our lives means that we face constraints and thus choices that involve trade-offs. We sleep, eat, have fun, watch TV, and not least we work. How much we dedicate to each, and why we do so, is intriguing and no one is better placed to shed light on similarities and differences than Daniel S. Hamermesh, the leading authority on time-use. Here he explores how people use their time, including across countries, regions, cultures, class, and gender.

Americans now work more than people in other rich countries, but as recently as the late 1970s they worked no more than others; and they also work longer into older age. Men and women do different things at different times of the day, which affects how well-off they feel. Both the arrival of children and retirement create major shocks to existing time uses, with differences between the sexes. Higher incomes and higher wage rates lead people to hurry more, both on and off the job, and higher wage rates lead people to cut back on activities that take time away from work.

Being stressed for time is central to modern life, and Hamermesh shows who is rushed, and why. With Americans working more than people in France, Germany, the U.K., Japan and other rich countries, the book offers a simple but radical proposal for changing Americans' lives and reducing the stress about time.

Genres: Nonfiction, Economics

232 pages, Hardcover

Published March 1, 2019

Reviews

[Ron Halcrow · Rating 3 out of 5]

I thought this was a book about how each of us could learn to use our time more wisely. Its not. It is mostly an analysis of large quantities of data about how people actually do spend their time, and a little bit of how we can change policies to increase societal well being. If learning how people spend their time, and pondering why that might be, is what you are interested in, then this book is for you.

[Ambrose Leung · Rating 4 out of 5]

A good solid account of how Americans spend their time on working, home production, watching TV, leisure, sleeping, etc. based on elaborated time use data. Many findings of the book may seem obvious but Hamermesh provides good economic explanation for the observed phenomenon. Interesting comparison of time use behaviour between different ethnic groups in relations to certain stereotypes on these different groups. Policy discussion at the end regarding solvency of pension plans.

[Rawan El Araby · Rating 5 out of 5]

Daniel Hamermesh is a well-known economist and professor at the University of Texas. His book “Spending Time the Most Valuable Resource” tackles the value of time and its scarcity. He highlighted how we underestimate its value at times and he made his recommendation to maximize our utilization of time with some strategies to make the best out of time throughout our lives.

The book tackles very important aspects of time scarcity and what would be the optimum methods for utilizing time. The author sheds light on how many of us take time for granted, yet unlike money and personal possessions, it is irreversible. He mentioned “Time poverty”, and that in modern times people are always pressured and thriving to cram the day with tight schedules, leaving very little time for things that matter. The guy's name stressed the importance of prioritization. We should be mindful and intentional about how were are spending our time, not drift to unnecessary time wasters that are not aligned with our main life priorities, whether it is family, partners, or even mental health and self-care. The part of self-reflection seemed quite important, to have insights about whether time is properly invested or wasted. The author shared a few time management strategies like, time tracking, time blocking, setting clear priorities, creating boundaries, delegation tasks and outsourcing, the two-minute rule, similar tasks batching, and the Pomodoro technique. Then he drifted to a more philosophical approach about the myth of productivity and how this might encounter sacrificing important aspects in life. He encouraged the idea of productive leisure and the fact that sometimes less is more. The downtime is actually fuel for productivity, growth, creativity, and personal growth. More satisfaction can be earned when we prioritize quality over quantity. Another important turning point was the power of saying No, it is a very powerful tool that acts as a guarding shield for your time. This involves learning the process of setting boundaries. It serves the prioritization, and the fact there should be elimination for whatever not serving these top priorities. Time and technology were a very relatable part and a major transition in the book. The amount of time and attention technology steals can be scary. Thus, there should be mindful strategies for turning off notifications at specific times.
The discussion drifted on to relationships, prioritizing people over tasks. He highlighted that time spent in nurturing meaningful relationships is the most important time investment. It was interesting when he said relationships cannot accidentally flourish and evolve. It requires absolute devotion of time, effort, and attention. So managing the time strategies would serve them so people who matter will not be overshadowed by the demands of work or other commitments.
He wrapped the book with the ultimate purpose of managing time which is living a purposeful life. This can be through pursuing passions, building relationships, or contributing to impactful matters. He said lastly “Time is the canvas of our life”, how we choose to paint it, determines the story we will tell when we look back.

It is interesting how he embedded the economic approaches of sacristy and trade-offs. The fact that time is a sacred commodity and spending time is equal to spending money. I love how he resembled our daily decisions like that we are having daily tradeoffs of life decisions when we decide to spend time working, give up on enjoying quality time with family or loved ones, and pursue a passion. It was very useful how he at first attacked the reluctance we have with valuing time and how there is always an illusion it is eternal. Then he started to strategize for the reader solutions and simple techniques to avoid this dark side/ implications of wasting time. The beautiful shifts from his realizations and relation with time in his early childhood, then how it evolves to later years when time goes faster. He took fast-forward shots for the reader, and used it as a wake-up call, as “don’t go there’. The simplicity of the tasks he offered, and how he glorified the aftermath of abiding by this technique is quite motivating for the reader. It
The author initiated the book with a depressing and critical perception of times, yet this served his mission throughout the chapter. It stimulated a sense of ownership for one’s time and a feeling that each moment needs to be intentional and well taken care of. The language and examples were quite relatable on so many levels, whether professionally, culturally, or relationship-wise which created a high level of authenticity in the book. There has been a very comprehensive approach throughout the whole book, from psychological, professional, emotional, and philosophical aspects. This was an absolute awakening and crucial message tackled by the author.

[Rachel Kaberon · Rating 4 out of 5]

I enjoyed the dive into labor economics and learning the history of time diaries. What was most interesting to me was the nudge to go beyond the well known correlations. Hamermesh in his comparison of similar subpopulations by country offers an alternative explanation of causality.

For example, the role of education to expand awareness of work options also expands interests in a wider range of potential activities. how we choose to allocate our time must depend on more than our financial resources, it also includes the competing interests and expanded ability to find alternatives.

Admittedly, the book is a bit dry, but for an academic book its better than reading the journal papers. Definitely a worthwhile read for those who like me prefer reading the full story, not the assorted academic papers.

[vhnjjj · Rating 2 out of 5]

I found it to be a monotonous read for my taste. The parts seem to be incoherent. I also feel a lot of generalisations were made based on a small set of data and also the data was over analysed. It felt as if the conclusions had already been set and the analysis was biased towards reaching that conclusion. Could not get through the book entirely, ended up skimming through it. It may work for other people, but for me I did not feel it was as enjoyable.

[Marie · Rating 4 out of 5]

Each 24 hours we can choose how to use our time. Most is spent working and sleeping. The rest we can use as efficiently as possible. Allow services to be done by someone else or by ourselves. But most importantly, as I look back on my life, how do I want to access how I spent my time?

The book speaks of the third largest category after work and sleep is television/internet.
Something to access and change, so that this is not the third largest use of my time.

[Annarella · Rating 4 out of 5]

An interesting and engaging book about time and how we spend it.
It's full of food for thought and interesting ideas, even if I think that some are not easy to apply.
A very good read, recommended.
Many thanks to Oxford University Press and Edelweiss. I voluntarily read and reviewed this book, all opinions are mine.

[Matthew Weiss · Rating 3 out of 5]

A review of how people spend time - I like this book, not because of the stats but because it helped me think about time in different ways. Spending a lot of time thinking about how you spend time is a worthy thought experiment and has helped me since.